If your business has not been eligible for a Business Rates Grant the government is now offering an alternative loan available to small and medium sized businesses.
The Bounce Back Loan scheme is set to open for applications next week and will help businesses affected by the coronavirus pandemic.
With this new loan scheme businesses will be able to borrow between £2,000 and £50,000 and the government will guarantee 100% of the loan. There won’t be any fees or interest to pay for the first 12 months as the government works with lenders to agree a low rate of interest for the remaining period of the loan.
You can apply for a loan if your business meets the following criteria:
- is based in the UK
- has been negatively affected by coronavirus
- was not an ‘undertaking in difficulty’ on 31 December 2019
The following businesses are not eligible to apply:
- banks, insurers and reinsurers (but not insurance brokers)
- public-sector bodies
- further-education establishments, if they are grant-funded
- state-funded primary and secondary schools
You will be unable to apply if you're already claiming funding from the Coronavirus Business Interruption Loan scheme.